Midtown




210 West 31st Street

Reveal for Two-Story, 30,000-Square-Foot Retail Building at 210 West 31st Street, Chelsea

A rendering has been revealed of the two-story, 30,000-square-foot commercial redevelopment in the works at 210 West 31st Street, located across the street from Madison Square Garden in Chelsea. KBS Capital, which is affiliated with California-based KBS Strategic Opportunity REIT II, and Onyx Equities are developing the project. It will include two floors of restaurant and retail space, in addition to a roof deck, Real Estate Weekly reported. The redevelopment consists of the West 31st Street section of the Church of St. John the Baptist, which Onyx is ground-leasing from the congregation. Demolition of that 23,110-square-foot section is anticipated in 2017, with completion of the new building in 2018.


Rendering of 426-432 East 58th Street by Foster + Partners.

New Owner Acquires Development Site at 428-432 East 58th Street, Midtown East

Gamma Real Estate has acquired, through a foreclosure auction for $98 million, the development site at 428-432 East 58th Street, located in the Sutton Place section of Midtown East. Gamma paid $86 million for the property and another $12 million for air rights, The Real Deal reported. Bauhouse Group assembled the site in 2015, with a $130 million acquisition loan from Gamma, and planned to develop a 900-foot-tall condominium tower at the site. The developer later defaulted on the property, which ultimately concluded in the bankruptcy auction held yesterday. It has not been revealed what the new property owner intends to do with the site, which boasts over 260,000 square feet of development rights. Demolition permits are on file for the site’s three five-story townhouses.


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